Julius Baer Group Ltd. intends to issue SGD-denominated perpetual tier 1 subordinated bonds to be listed in Singapore
OREANDA-NEWS. Julius Baer Group Ltd., the leading Swiss private banking group, today announced its intention, subject to market conditions, to issue perpetual tier 1 subordinated bonds in a benchmark-sized volume, to be listed on the Singapore Exchange. Julius Baer would be the first foreign banking institution to issue such a bond directly in the Singapore market, thus emphasising the importance of Asia as the Group’s second home market besides Switzerland.
In light of the contemplated transaction, the publication of the Interim Management Statement for the first ten months of 2015 (IMS II-2015) will be brought forward to 10 November 2015 (instead of 16 November 2015).
The planned issuance aims at optimising Julius Baer Group Ltd.’s capital structure, also taking into account the phasing-out of Basel III capital recognition of Julius Baer Group’s outstanding ‘old-style’ capital instruments (preferred securities and lower tier 2 subordinated unsecured bonds). The bonds would be fully compliant with Basel III and qualify as Additional Tier 1 (AT1) capital, thus benefitting the Group’s very solid capital levels and ratings as the basis for the Group’s further profitable growth. Julius Baer Group Ltd. has requested Moody’s to rate the bonds.
About Julius Baer
Julius Baer is the leading Swiss private banking group, with a focus on servicing and advising sophisticated private clients and a premium brand in global wealth management. Julius Baer’s total client assets amounted to CHF 369 billion at the end of June 2015, including CHF 284 billion of assets under management. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank which celebrates its 125th anniversary in 2015, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Market Index (SMI), comprising the 20 largest and most liquid Swiss stocks.
Julius Baer employs a staff of over 5,000, including more than 1,000 relationship managers, and is present in over 25 countries and more than 50 locations. Headquartered in Zurich, we have offices in key locations including Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Monaco, Montevideo, Moscow, Mumbai, Singapore and Tokyo. Our client-centric approach, our objective advice based on a unique open product platform, our very strong financial base and our entrepreneurial management culture make us the international reference in private banking.